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Dividing Property During Divorce
When two people get married, they often combine all their assets and property as a sign of fidelity. Depending on their disposition, merging assets can be as simple as combining a couple of checking accounts and maybe even some student loans. It could also be more complicated, like joining ownership on retirement accounts, businesses, and investments. And it’s this merging of assets that are always the most argued topic when it comes to the divorce decree.
While it’s easy to combine assets, it’s a lot harder to figure out how to separate them. The main problem is that assets aren’t static things; they grow and diminish. Courts also consider any debt they brought into the mortgage and any acquired assets they attained during the marriage. All of these items can be confusing for many people, but this is where property division lawyers come in to iron things out in the hopes of resolving the matter.
The property division lawyers from Tomball, Texas, and surrounding areas have handled property settlement cases such as these, so you can turn to us for assistance if you find yourself in a bind.
Property Division Lawyer in Tomball, Texas
To make property settlement cases smoother for both parties, courts agree that there are two different kinds: separate property and marital property. Separate property is any property that one partner pays in full before the marriage. In contrast, marital property is any asset or debt acquired during the marriage. Most cities in Texas, including Tomball, Texas, try to divide marital property equitably during a divorce to ensure that both can move forward in their lives with financial stability.
There’s a lot of important details that go into divvying up the assets during the divorce proceedings. You should engage with your property division lawyer about the details, so you know how to handle the process correctly.
However, the most crucial detail is that, although Texas is a community property state, it doesn’t follow the same rules as one. Instead of evenly splitting marital property with the couple, the judge allows assets and debt to be divided in any way they deem “just and right.” Thus, marital property can be divided equitably rather than equally. Reasons such as earning capacities, time out of the workforce in support of the other spouse’s career, and child custody will affect the division of marital property.
Lastly, it’s essential to know that retirement plans are often divided equally, regardless of which spouse earned them. There’s also an opportunity for one of the partners to divide investment accounts and pension plans, as the Tomball City Municipal Court assumes that the other partner could not have achieved the same level of success without the support at home.
